MSC Industrial sales up 16 percent
Melville-based MSC Industrial Direct Co. said Wednesday its fiscal second-quarter sales rose 16.2 percent from a year ago to $661.5 million, boosted by an acquisition and an improving manufacturing environment.
The distributor of industrial tools and supplies said Barnes Distribution North America, which it bought last year, contributed $69.8 million to sales, or about 11 percent, in the quarter ended March 1.
MSC noted it made sales gains despite weather challenges. "Despite the impact of weather disruptions," said Erik Gershwind, president and chief executive, "we continued to gain share in our core metalworking market and saw accelerated growth rates in our national account and government programs."
Sales fell short of the $663.4 million a panel of Bloomberg analysts were expecting. Despite that, MSC shares jumped $3.35, or 3.87 percent, and closed at $89.92 in New York Stock Exchange trading Wednesday.
MSC's net income fell 12 percent from a year earlier to $49.5 million, pulled down partly by costs associated with the Barnes purchase last year and the establishment of MSC's co-headquarters in North Carolina.
Excluding nonrecurring costs, net income fell 4.7 percent to $54.5 million.
MSC predicts fiscal third-quarter sales of between $720 million and $732 million.